In the increasingly unpredictable decentralized finance ecosystem, speculation often runs ahead of facts. Recent reports suggested that Payward, the parent company of the cryptocurrency exchange and investment platform Kraken, was exploring a deal to acquire a 15% stake in Aave Group at a $385 million valuation.
According to those reports, the transaction would involve an investment of roughly 35,000 ETH in exchange for 250,000 AAVE tokens plus equity, a structure that implied a significant discount relative to the token’s prevailing market price.
Aave founder and CEO Stani Kulechov moved quickly to push back against the narrative that the protocol was prepared to sell AAVE tokens at a steep 70% discount.
Lots of discussions around Aave so I want to clarify a few things:
• First off, there is NO WAY we’d sell AAVE at a 70% discount lol.
• 100% of Aave Protocol and GHO revenue goes to the $AAVE token. This was established in the Aave Will Win proposal.
• AWW also applies to…
— Stani (@StaniKulechov) June 25, 2026
In a detailed public clarification, he stated unequivocally that such a discounted sale was never under consideration.
Instead, he explained that ongoing conversations with market participants center on Aave Labs’ existing allocation of AAVE tokens and the possibility of deeper, long-term strategic partnerships.
Kulechov took the opportunity to reinforce the protocol’s core economic design. All revenue generated by the Aave protocol—including fees from lending markets, the GHO stablecoin, and products such as the Aave App, Aave Pro, and swaps—flows directly to AAVE token holders through the Aave DAO.
Aave Labs functions strictly as a service provider to the DAO and receives none of the protocol’s revenue.
In addition, all intellectual property tied to the Aave brand and its software belongs to the token holders.
The protocol currently generates approximately $134 million in annualized revenue, every dollar of which accrues to the DAO.
This structure, established through prior governance decisions, ensures that value created by the platform benefits token holders rather than being diverted elsewhere.
Kulechov previewed the next evolution of Aave’s tokenomics framework, referred to as Aavenomics 3.0.
The Aave team is actively designing this update, which will introduce an automated and non-discretionary mechanism for buying back AAVE tokens on the open market.
The new system is intended to operate more systematically than the existing community-approved buyback program, removing discretionary elements and providing a clearer, ongoing path for value accrual to holders.
Beyond immediate token mechanics, Kulechov highlighted Aave’s broader objectives.
The protocol is positioning itself not only within the cryptocurrency sector but across the entire financial asset landscape, including real-world assets.
He noted that both Aave Labs and the DAO operate with the explicit goal of advancing the interests of AAVE token holders.
To keep the community updated on these developments and the wider product roadmap, Aave plans to host its next quarterly community call within the coming weeks.
Kulechov’s response underscores a consistent message. That being, Aave remains focused on sustainable growth and aligning incentives with its token holders through transparent revenue distribution and improved tokenomics mechanisms rather than one-off transactions. As DeFi continues to attract interest from traditional finance players and exchanges alike, such clarifications help separate rumor from the protocol’s actual strategy and priorities.
